Philippine economy may shrink 8 percent in Q2: Moody’s Analytics
The Philippine economy may contract by 8 percent in the second quarter of 2020 due to containment measures against COVID-19, according to Moody’s Analytics.
Customers queue up outside a shop in Manila, the Philippines. (Photo: Xinhua/VNA)
Hanoi (VNA) – ThePhilippine economy may contract by 8 percent in the second quarter of 2020 dueto containment measures against COVID-19, according to Moody’s Analytics.
That will follow the GDP decline of 0.2 percentin Q1, ending 84 straight quarters of positive growth since Q4 of 1998.
Steven Cochrane, chief economist for AsiaPacific at Moody’s Analytics, said the country’s GDP is seen sinking by 4.5percent in 2020.
Meanwhile, economic managers, through theDevelopment Budget Coordination Committee, forecast the GDP of this archipelagonation may contract between 2 and 3.4 percent this year.
The last time the country’s economy contractedwas in 1998 with 0.5 percent due to the Asian financial crisis.
Cochrane warned that if the lockdowns continuewell into Q3 of 2020, the risks to the outlook for both 2020 and 2021 areclearly to the downside./.
Philippine President Rodrigo Duterte has emphasised the important role played by the country's banking and financial management system in responding to the crisis caused by the COVID-19 pandemic.
The number of COVID-19 cases in the Philippines rose to 93,354 after the Department of Health (DOH) reported 4,063 new cases on July 31, the highest single-day increase in confirmed cases since the highly-infectious disease emerged in the country in January.
More than 27 million people in the Philippines' main island of Luzon, including the capital Manila, went back to a partial lockdown for weeks from August 4.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
Customers queue up outside a shop in Manila, the Philippines. (Photo: Xinhua/VNA) 
